Trudeau And Macron Team Up Against Trump Over U.S. Tariffs

Randal Sanchez
June 6, 2018

His promise comes after Canada, Mexico and China have threatened levies on American agriculture goods in response to new US tariffs and American farmers, who helped put Trump in the White House, worry they will take the brunt of the worldwide anger at the president.

Mexico, the third-largest USA trade partner, said it would penalize us imports including pork bellies, apples, grapes, cheeses and flat steel. Former Senate Majority Leader Harry Reid regularly attacked Republicans for what he called a "Koch addiction".

"These unilateral tariffs, imposed under a false pretext of safeguarding U.S. national security, are inconsistent with the United States' worldwide trade obligations and WTO rules", Canada's Foreign Minister Chrystia Freeland said Friday after her country filed its WTO complaint.

"In the short term, we don't think there are any simple ways for Mexico to replace the pork it now buys from the U.S".

The focus of the trade talks on reducing the deficit with deals to sell China more natural gas and agriculture products, as indicated in the White House statement, confirmed that the administration has stepped back from trying to get China to make big changes to its industrial policy.

"If the USA deliberately creates trade barriers and provokes a trade war, then this is not a market problem, it is already a political problem", Bian told Sputnik China.

Chicago Mercantile Exchange hog futures at one point fell more than 2 percent following the Mexico pork tariff announcement.

"If the numbers are accurate, an additional $70 billion in USA exports to China would be considerable - a 50 percent increase in USA exports from 2017 levels", Chad Bown, a senior fellow at the Peterson Institute for International Economics, said in an email.

Malmström said that the United States "closed the door" following the European Union offers. Therefore, one could say that China's "dumping prices" didn't affect the American economy. He's in standoffs with Mexico, Canada, China, Japan and members of the European Union, the largest USA trading partner. The threat of a global trade war is "no longer a tail risk", he added.

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Mexico announced its response to Trump's move last week but it did not provide details of tariff levels or a full list of products at the time.

Trade Minister Francois-Philippe Champagne said Ottawa would study the impact of the US tariffs before offering specific aid. That projection assumes the US hikes import costs by 10 percent, and the rest of the world retaliates in kind.

Trade ties between Canada and the United States have soured since Trump took power in January 2017.

Now, however, the Trump administration argues that the cost of not responding to China's "unfair trade practices - including dumping, discriminatory non-tariff barriers, forced technology transfer, over capacity, and industrial subsidies -" is more costly than the economic hit of tariffs.

The trade tariffs are 25 percent on imported steel and 10 percent on imported aluminum.

The US last week said it's levying the new metals duties on imports from the nations and the European Union on national security grounds, ending their temporary exemptions. The United States, Mexico and Canada agreed to NAFTA in the 1990s, and all three countries have worked to renegotiate the deal since Trump became president.

Anglade called the delay "a wise decision", telling reporters it would give Canada time to discuss the impact of the counter-tariffs.

US equity markets are trading higher on Monday, much to the surprise of bearish traders who were betting on a global trade war to disrupt the rally and perhaps fuel a mild downdraft.

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